Home Loan / Mortgage Question (insurance, escrow, fees, rate)

[dcfcblues]

Hey all,

So i'm in a bit of a tricky situation. The day before I was supposed to close on a house, my loan fell through (never use a crappy mortgage company), in order to go through with deal, I was able to borrow the money for the house from a relative. I'd like to pay back my relative ASAP, but i'm not sure what my options are. Am I able to refinance or take out a mortgage on a house I already own? The house is in my name, and not his, so i'm not able to just buy it from him.

Any advice on what my options might be would be greatly appreciated.

[Pfhtex]

You are able to do a cashout refinance. However, you are bound by the purchase price, as far as your value goes, and your loan will be, at most 80% of that value, and your cashout will be nicked by closing costs, title fees, and tax-and-insurance escrow pads.

Yes, you can choose to not escrow taxes and insurance, but fees to get the same rate if you did, might be a bit higher.

So - your cash in hand will be around 75% of the price you paid for the home, maybe a bit more than that.

I would suggest that you use whatever title company conducted the purchase, so as to get some love from them on title fees.

[Pfhtex]

Six month's seasoning seams to about for the cashout.

[SmartMoney]

First, did the relative put a lien against the property? Did you sign anything with the relative? If so, gather ye documents and go sit down with a local lender.......